Nissan, Renault may close joint venture in Netherlands after Ex-Chairman’s arrest- Reports

TOKYO, Mar 11 (GCBusiness) Japan’s Nissan Motor and France’s Renault are considering the closure of their joint venture in the Netherlands in order to establish a new management structure of the alliance after the arrest of Carlos Ghosn, former chairman and CEO of both automakers, local media reported Monday, citing sources familiar with the situation.

The Amsterdam-based joint venture, Renault-Nissan B.V. was chaired by Ghosn, until he was taken into custody in November last year, the Kyodo news agency said. Nissan and Renault also reportedly launched a joint probe concerning the possible involvement of the co-venture in any financial fraud.

Ghosn and Greg Kelly, his right-hand man, were arrested in Tokyo on November 19 on suspicions of misreporting Ghosn’s earnings to Nissan over a five-year period from 2010. On December 25, Kelly was released on bail. Following the arrest, Nissan removed Ghosn from the post of its chairman. In January, Ghosn resigned as chairman and CEO of Renault, which prompted the French automaker to conduct a management reshuffle.

Last week, a court in Tokyo ruled to release Ghosn on bail of 1 billion yen

Via UNI-India

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